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Abstract
Standard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Morgan Stanley & Co. Inc. Trust's floater and residual certificates series 2008-3276, respectively, relating to California Department of Water Resources' (Central Valley Project) water system revenue bonds series AH term bonds. The long-term component of the rating on the floater and residual certificates is based on the rating on the underlying bonds (AAA). The short-term component of the rating on the floater certificates is based on the rating on Morgan Stanley Bank N.A., until July 15, 2012. USPF Criteria: Secondary Market Derivative Products, June 27, 2007...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.